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HomeMy WebLinkAbout1161~- RE:'Cy~D = 'r/~~ S IN PAY!KMT l1F TA)(E~ LU2 C 1 CLt:= 'C' IYTA4S E!E Pi: J' L P?0; EhTY~ ~S(19.)~a3 PU:::,;:,,yl TO t:NAi•Ttk 71-134, A:aS GF 1911. r:;;G~a POIi~:AS CLEitK gn~.I11T CCNRT. ST, LU~;IE COy i~,~Q1• 3,30 MORTGAGE made the day below set forth between the Mortgagor below named and the Mortgagee, METROPOLITAN MORTGAGE CU., a Florida corportation. W H E R EAS, the Mortgagor is indebted to the Mortgagee as evidenced by a certain mortgage note (Note) of even date from the Mortgagor to Mortgagee as described below. To secure to the Mortgagee the performance by the Mortgagor of all his agreements set forth in this Mortgage and the Note, including the repayment of the indebtedness evidenced by the Note, interest thereon, sums advanced by the Mortgagee in accordance with the provisions of this Mortgage to protect the lien and security thereof, and interest thereon, the Mortgagor does hereby mortgage, grant and convey to the Mortgagee the real property described below togeuter with (a) all easements, rights, tenements, hereditaments, rents. iuues and profits appurtenant thereto; (b) all buildings, structural and improvements now or hereafter located upon staid real property, (c)all of the following presently attached thereto: pipes, plumbing fixtures and equipment, electrical conduit and wrong and fixtures, heating and cooling and ate conditioning equipment and fixtures, sprinkling and irrigation equipment and factures, pumps, know and awnings; and (d) range, oven and refrigerator presently upon the premises; all of the foregoing are erein referred to as the "Property." To have and to hold the same unto the Mortgagee, its successors and assigns in fee simple. The Mortgagor convnnants that he is lawfully seized of the estate hereby conveyed and he has the right to mortgage, gent and convey the Property, that the Property is unencumbered except as may be below noted, and that the Mortgagor wall warrant and defend the title to the Property against all claims and demands. And the Mortgagor covenants and agrees as follows: 1. To promptly pay when due the principal of and interest on the indebtedness evidenced by the Note and prepayment and late charges as provided therein. 2. To pay all taxes, assessments, charges, fines and other impositions of governmental authorityagainst the Property within sixty (60) days of when due or sixty (60) days prior to the same becoming delinquent, whichever may first occur. z. If i[ is noted below that this is a second or other subordinate ranked mortgage, then to promptly pay when due principal and interest owing under mortgage(s) of higher priority ("Prior Mortgage(s)"), to promptly pay to the holder(s) of Prior Mortgage(s) sums due on account of taxes and insurance premiums as may be provided for under the provisions of the Prior Mortgage(s), and to otherwise fully, promptly and completely keep and perform all of the promises and convenants of the mortgagor under Prior Mortgage(s) and the promissory note(s) secured thereby; all of the foregoing without regard to any waivers, extensions or indulgences granted by the holder(s) of Prior Mortgage(s) unless with the prior consent of the Mortgagee. 4. Not to apply to, request of, receive or accept from any holder of any Prior Mortgage any money, tunda or things of value which would, might or could be considered as an advance secured by the lien of such Prior Mortgage. S. Not to commit waste or permit or suffer the impairment or deterioration of the Property; not to erect or permit to be erected any new buildings on the Property or any structural alterations to existing buildings without the Mortgagee's prior written consent- to comply with all subdivision restrictions and zoning and other regulatory laws and ordinances affecting the Property. if the Property is a condominium unit, the Mortgagor shall,promptly and completely perform all of his obligations under the declaration of condominium and the condominium association's articles of incorportation, by-laws and rules and regulations and other constituent condominium documents including but not limited to the payment of all regular and special assessments, the liens for which against the Property might or could have priority over the lien of this mortgage. If the Property is part of a planned unit development, the Mortgagor shall prompltyeomply with aU provisions of the declaration of covenants and restrictions establishing the same and shall promptly fulfill all his obligations under the constituent documents of the planned unit development including the homeowners association's or its equivalent's articles and by-laws and shall promptly pay all assessments or charges of every nature (no matter how designated) the Gen for which against the Property might or could have priority over the lien of this mortgage. 6. To keep all the Property insured a2 may bt required from time to time by the Mortgagee against loss by fire, windstorm, hazards, casualties and contingencies for such periods and for not Tess tha;~ such amounts as maybe reasonably required b)r the Mortgagee and to pay promptly when due all prctniums for such insurance. The Mortgag,ragrees to deliver renewal or replacement polines or certifiates therefor to the Mortgagee at least fifteen (1 S) days prior to the expiration or an ~iversary date of the existing policies. The amounts of insurance required by the Mortgagee shall be minimum amounts for ahich said insuranc shall be written and it shall be incumbent upon the INortgagorto maintain such additional insurance as may be necessary to meet and compl fully with all eo-insurance requirements contained in said policies to the end that the Mortgagor is not a co-insurer thereunder. Insurance ma~ be written by a company or companies approved by the Mortgagee (which approval shall not be unreasonably withheld) and all policies and renewals shall beheld bythe Mortgagee unless in the possession of a holder of a Prior Mortgage. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all agraments between the Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be a rt o[t mortgage agreement as fully as though set forth verbatim herein and shall govern both parties hereto. No lien upon any policy of insurance or upon any refund or return premium which maybe payable on the cancellation or termination thereof shall be given to other than the Mortgagee except a holder of a Prior Al ortgagc or by proper endorsement affixed to such policy and approved by the Mortgagee. Each policy of insurance shall have affixed thereto a Standard New York Mortgagee Claiise Without Contribution making all loss or losses under such policy payable to the Mortgagee as its interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall have the option to receive and apply the same on account of the indebtedness secured hereby or to permit the Mortgagor to receive and use it or any part thereof without waiving or impairing any equity, lien, or right under and by virtue of this mortgage In the event of loss or physical damage to the Property the ~1 ortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss Jthe same is not prompsly made by the Mortgagor. In the event of foreclosure of this mortgage or other transfer of silk to the Property all right, title and interest of the Mortgagor in and to the insurance policies shall pass to the purchaser or grantee. 7. If the Mortgagor fails to perform his covenanu and agreements contained in this mortgage, or if the Mortgagor fails to perform any duty or obligation arising under a Prior Mortgage (including the payment of principal and/or interest, deposits on account of taxes and insurance premiums and late charges even though the holder of the Prior Mortgage has made no demand thereunderand has not threatened any action in connection with the same), or if any action or proceeding is commenced which materially affects the Mortgagee's interests in the Property, ~ ncluding but not limited to eminent domain or code enforcement or arrangements involving a bankrupt or decedent. or if there is an apparent abandonment of the Property, then the Mortgagee at its option may pay to the holder of a Prior Mortgage all or pare of the sums necessary to hying the Prior Mortgage current, may make appearances, may enter upon and secure the Property. may disburse such other sums (including but not limited to the payment of insurance premiumsand taxes), and may take such otheraMion as the Mortgagee reasonably deems necessary .,r ad~~isable to protect his interests in the Property, all without regard to the value of the Property. Any amounts disbursed by the Mortgagee pursuant to the provisions of this paragraph, together with interest thereon at the rate of eighteen (t846) per cent per annum shall become additional indebtedness of the Mortgagor secured by this mortgage. Unless the Mortgagor and Mortgagee agree in writing to some other terms of payment, such amounts shall be payable immediately. Nothing in this paragraph shall require the Mortgagee to incuranyexpense, make any disbursement or take any action whatever. 8. All proceeds of any award or claim for damages direct or consequential in connection with any condemnation or any other taking by eminent domain of the Property or any part thereof, or for conveyance in lieu of condemnation or eminent domain arc hereby assigned and shall be paid to the Mortgagee. Unless the Mortgagor and Mortgagee otherwise agree in writing (a) all proceeds received by the Mortgagee shat! be applied to the sums secured by this mortgage without imposition of any prepayment charge. and (b) the application of procceds shall not extend or postpone the due date of installments of principal and interest or change the amounts thereof. 9. Any forbearancx by the Mortgagee in exercising any right or remedy hereunder o:otherwise afforded by applicable law shall not be a waiver of or preclude the exercise of such right or remedy. The procurement of insurance or the payment of taxes or other Dens or charges or the payment of sums under a Prior Mort~agc by the Mortgagee shall not be a waiver of the Mortgagee's right to accelerate the maturity of the indebtedness secured by this mortgage. All remedies provided in this mortgage are distinct and cumulative to any other right or remedy under this mortgage~r afforded by law or equity and may bt exercised concurrently, independently or siiotxssively. 10. To pa all r_osts charges and expenses including attorney's fees (whether or not litigation ocean and if it does then those on appellate as well as trial keel) and abstract costs reasonably incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgago: to perform, comply with and abide by all Of his covenants set forth in this mortgageand/orthe Noteand/or Prior Mortgage(s)and the promissory note(s) secured thereby. I I. The Mortgagee is a licensed mortgage broker under Chapter 491, Florida Statutes. $34~ P~~~~~ et. 2 Ko xPreparcd by Stanley H. Spieler, Atto~~, 700 Bisc~y~e: Boulevard, Miami, Florida 33137 -----~